Ben Huffman, CEO and co-founder of Contra, is aware of what it takes to run a profitable freelancing aspect hustle. Huffman acquired firsthand expertise within the freelancing area as a music producer, working with small labels and, finally, Sony Music. The work was enjoyable however “did not pay properly,” he tells Entrepreneur, so he began designing apps, pitch decks and web sites. Huffman grew to become a “energy person” on Elance and Odesk, which might merge to change into Upwork, and shortly “grew to become fascinated” with the concept of constructing a staff globally.
Picture Credit score: Courtesy of Contra. Ben Huffman.
“I might discover tasks domestically in New York after which rent freelancers from all around the world to assist me with the talents I did not have,” Huffman remembers. “I cherished the liberty and autonomy of working independently, however much more, I cherished working with folks from completely different cultures and backgrounds. Early on, I noticed the issues within the enterprise fashions of the platforms I used.”
The world was turning into extra related, Huffman explains, and the “take-rate mannequin” eBay dropped at the fore “did not make sense for folks and dealing relationships,” particularly as employees more and more sought flexibility and employers wanted extra area of interest abilities. So Huffman got down to create a platform that might handle these ache factors, and after interviewing 1000’s of unbiased employees, found they want to consider three issues to achieve success: creating their id and credibility, managing their enterprise and discovering new leads. Contra, which has raised $45 million from enterprise capital companies, supplies help in all of these areas.
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“Contra is commission-free, so our customers can preserve 100% of their earnings.”
“Impartial employees can create a profile that showcases their abilities and what they will really do as a substitute of their roles at previous corporations,” Huffman says. “Specializing in tasks and abilities permits independents to spotlight the particular issues they’ve solved and the worth they’ve delivered. Independents can discover new tasks from high-quality, vetted purchasers, handle their enterprise with our free invoices, contracts and proposals, and, most significantly, they will receives a commission. Contra is commission-free, so our customers can preserve 100% of their earnings.”
These days, almost two in 5 U.S. adults have a aspect hustle, and one in three of them say they use their aspect hustle earnings to cowl on a regular basis bills, in keeping with a Bankrate survey. Freelance tasks could be an accessible, versatile choice for folks hoping to capitalize on their ability units, however probably the most profitable can be those that keep away from the widespread pitfalls of the job.
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Huffman shares 4 errors that might hinder any side-hustler’s success:
1. Underpricing your companies to draw your first purchasers
“Taking place this route can devalue your work,” Huffman explains, “and make elevating costs way more difficult sooner or later. Earlier than solidifying your costs, get to know the market you are coming into, monitor trade charges, think about your years of expertise and description your distinctive experience; these variables will aid you decide a worth that works for you and your purchasers.”
2. Not prioritizing your tasks the correct method
“It is vital to prioritize tasks that absolutely align along with your ability set and politely flip down tasks that could possibly be a greater match with another person,” Huffman says. “Whereas many first-time freelancers could remorse turning down new tasks, taking over an excessive amount of work can usually result in being overwhelmed and subpar work.”
3. Not studying new in-demand abilities
“Proper now, we’re seeing a ton of demand for abilities like Framer for constructing web sites, video animation and social media administration,” Huffman says. “There may be additionally an enormous alternative to upskill within the newest AI instruments. A lot of the world of labor is altering due to AI, and there’s a big alternative to get forward of all of it.”
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4. Not going the additional mile in your purchasers
“Going above and past with purchasers can result in referrals, extra tasks sooner or later and a fame that may aid you construct longer-lasting relationships,” Huffman says. “To arrange any venture for achievement, you want a well-scoped out set of deliverables and venture timeline. After you have this, it is best to get all the pieces put right into a contract so that you’ve got a framework in your settlement and safety if issues get off monitor.”
And one final piece of recommendation for aspect hustle success? Whereas rising your community of purchasers is vital, do not forget to domesticate a community of different unbiased consultants, too. “Having a neighborhood of fellow freelancers to bounce concepts off of and get recommendation from is invaluable and may result in new leads sooner or later,” Huffman says.
